The federal environment department has released emissions data from almost 4,000 facilities across Australia. Emissions of benzene plunged 38%, but emissions of fine particles rose 18% and formaldeyde emissions were up 9%, the latest National Pollutant Inventory results shows.
Productivity Commission chief Gary Banks says the Mandatory Renewable Energy Target (MRET) scheme could stymie least-cost abatement under an emissionst trading regime, just days after the Garnaut review said a strong trading scheme would weaken the case for MRET.
Australian companies should ready themselves for imminent "major change" in corporate liability for managing and disclosing climate change risks, according to Freehills partner John Taberner.
Class actions could emerge on grounds such as failure by a company to adequately anticipate foreseeable regulatory changes, Taberner says. And there is a growing view that the Corporations Act requires businesses to disclose the effects on their activities of climate change and climate change policies.
Prime Minister Kevin Rudd and state and territory leaders will finalise a comprehensive climate framework in October, yesterday's COAG meeting agreed.
COAG also set out a timetable for reform of environmental approval and assessment processes, endorsed a memorandum of understanding on Murray-Darling Basin management as a precursor to an intergovernmental agreement and agreed to look for ways to ease the regulatory burden on oil and gas exploration and production companies.
The Rudd government should specify four possible abatement trajectories, says professor Ross Garnaut's much-anticipated emissions trading discussion paper, released this afternoon.
And it should put Australia on the easiest of these trajectories, unless or until other countries agree to measures that would warrant Australia taking a tougher approach, he says.